The World Bank has recently announced its commitment to boosting the use of underutilized geothermal resources in developing countries, aiming to expand renewable energy access for power generation. At the recent geothermal conference in Reykjavik, Iceland, Deputy Executive Director Ying Zhuohua called on donors, multilateral banks, governments, and private sector partners to join the Global Geothermal Development Plan (GGDP). The initiative aims to reduce the risks associated with geothermal exploration and bring this clean energy source into the mainstream, providing electricity to millions of people who currently lack reliable power.
So far, the World Bank and Iceland have already supported surface exploration studies under the Geothermal Compact, offering technical assistance to several countries in the African Rift Valley. These efforts are part of a broader strategy to unlock geothermal potential in regions with significant untapped resources, such as East Asia, Southeast Asia, Central America, and the Andean region.
It is estimated that at least 40 countries possess substantial geothermal potential capable of meeting a large portion of their energy needs. The initial target of the GGDP is to raise $500 million, with donors able to contribute through project identification and existing funding channels like bilateral aid, the Climate Investment Funds (CIF), or the Global Environment Facility (GEF). The program will be managed by the World Bank’s Energy Sector Management Assistance Program (ESMAP), ensuring effective implementation and long-term sustainability. This initiative marks a critical step toward a more sustainable and inclusive energy future.
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